NSTAR Announces Results of BEC Energy and COM/Energy Share Exchange.

BOSTON--(BUSINESS WIRE)--Sept. 22, 1999--

NSTAR (NYSE:NST) announced that the proration of common shares and cash for shareholders of BEC Energy and COM/Energy has been determined.

COM/Energy shareholders who elected to receive cash for their shares will receive 35.489 percent of such shares in cash and 64.511 percent of such shares in common stock of the new company, NSTAR. Shareholders of fewer than 100 shares of COM/Energy stock, who elected cash for all or any portion of their shares, will receive cash for those shares elected.

BEC Energy shareholders who elected to receive cash for their shares will receive 26.172 percent of such shares in cash and 73.828 percent of such shares in common stock of the new company, NSTAR. Shareholders of fewer than 100 shares of BEC Energy stock, who elected cash for all or any portion of their shares, will receive cash for those shares elected.

Shareholders of both companies who elected to receive common shares, those who did not respond to the election and those who chose no preference will receive shares of NSTAR common stock. The remaining shares were proportionately allocated among those shareholders who elected to receive cash. Proration was necessary because the shareholders of both companies did not elect to receive all of the shares allocated to them.

Distributions will be made beginning the week of September 27, 1999 by EquiServe, the company's exchange agent. Old stock certificates will be exchanged for certificates in the new company and mailed upon surrender of the old certificates, if not yet surrendered.

NSTAR Chairman and CEO Thomas J. May said, "With the completion of this transaction in a relatively quick eight months the benefits of the merger will now begin to flow to our customers, the communities we serve and our shareholders. This is a credit to our employees as well as to the energy policies being implemented in Massachusetts."

Mr. May also announced that the company will resume its common share repurchase program immediately.

NSTAR was formed in August 1999 through a merger of BEC Energy and Commonwealth Energy System. The company, headquartered in Boston, MA, provides regulated electric and gas utility services and is also engaged in telecommunications and other non-regulated activities. NSTAR, through its subsidiaries, Boston Edison Company, Cambridge Electric Company, Commonwealth Electric Light Company and Commonwealth Gas Company, serves approximately 1.3 million customers throughout Massachusetts, including approximately 1,040,000 electric customers 81 communities and 240,000 gas customers in 51 communities.